by Melody Zekey

New countries have been admitted into BRICS, an economic bloc which initially was made up of Brazil, Russia, India, China and South Africa.
BRICS approved applications by the United Arab Emirates (UAE), Saudi Arabia, Ethiopia, Iran and Egypt to join the group as Russia resumes its chairmanship for the year 2024.
The decision follows the 15th BRICS Summit held August 2023 in South Africa.
In his address this Monday as the new chairman, Russia’s President Vladimir Putin said during his country’s tenure in leading BRICS, Russia will focus on positive and constructive cooperation with all countries concerned.
He said while preserving traditions and being guided by the experience gained by the association in years past, the organisation will facilitate the harmonious integration of new participants in all formats of its activities.

During the 2023 Summit, proposals were also made for the development and adoption of a BRICS currency, a move that would weaken the global dominance of the United States dollar.